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6.6 Fees, Taxes, and Other Levies. Owner shall be responsible for payment <br />of all fees, assessments, taxes, charges, liens and levies applicable to the Property or <br />the Project, including without limitation possessory interest taxes, if applicable, imposed <br />by any public entity, and shall pay such charges prier to delinquency. However, Owner <br />shall not be required to pay any such charge so long as (a) Owner is contesting such <br />charge in good faith and by appropriate proceedings, (b) Owner maintains reserves <br />adequate to pay any contested liabilities, and (c) on final determination of the <br />proceeding or contest, Owner immediately pays or discharges any decision or judgment <br />rendered against it, together with all costs, charges and interest. <br />6.7 Insurance Coverage_ Throughout the term of this Agreement Owner shall <br />comply with the insurance requirements set forth in Exhibit C , and shall, at Owner's <br />expense, maintain in full force and effect insurance coverage as specified in Exhibit C . <br />6.8 Property Damage or Destruction. If any part of the Project is damaged or <br />destroyed, Owner shall repair or restore the same, consistent with the occupancy and <br />rent restriction requirements set forth in this Agreement. Such work shall be <br />commenced as soon as reasonably practicable after the damage or loss occurs and <br />shall be completed within one (1) year thereafter or as soon as reasonably practicable, <br />provided that insurance proceeds are available to be applied to such repairs or <br />restoration within such period and the repair or restoration is financially feasible. During <br />such time that lenders or low- income housing tax credit investors providing financing for <br />the Project impose requirements that differ from the requirements of this Section the <br />requirements of such lenders and investors shall prevail. <br />7. Recordation: Subordination. This Agreement shall be recorded in the Official <br />Records of Alameda County. The City agrees that pursuant to Health and Safety Code <br />Section 33334.14(a)(4), it will not withhold consent to reasonable requests for <br />subordination of this Agreement to deeds of trust provided for the benefit of lenders <br />identified in the financing plan approved in connection with the OPA, provided that the <br />subordination agreement includes reasonable protections to the City in the event of <br />default consistent with the requirements of Health and Safety Code Section <br />33334.14(a)(4). <br />8. Transfer and Encumbrance. <br />8.1 Restrictions on Transfer and Encumbrance. During the term of this <br />Agreement, except as permitted pursuant to the OPA or this Agreement, Owner shall <br />not directly or indirectly, voluntarily, involuntarily or by operation of law make or attempt <br />any total or partial sale, transfer, conveyance, assignment or lease (collectively, <br />"Transfer ") of the whole or any part of the Property, the Project, or the improvements <br />located on the Property, without the prior written consent of the City, which approval <br />shall not be unreasonably withheld. In addition, prior to the expiration of the term of this <br />Agreement, except as expressly permitted by this Agreement or the OPA, Owner shall <br />not undergo any significant change of ownership without the prior written approval of <br />City.' For purposes of this Agreement, a "significant change of ownership" shall mean a <br />transfer of the beneficial interest of more than twenty -five percent (25 %) in aggregate of <br />1865088.5 12 <br />